MALVERN, Pa., March 29, 2018 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (Nasdaq:REPH), a revenue generating specialty pharmaceutical company focused on therapeutics for the hospital and other acute care settings, today announced the expansion of its team through the appointment of seven new employees associated with acute care commercialization. The individuals in this group bring an average of over 15 years of hospital product launch and sales experience and have served in key roles on a wide range of branded products at world class, commercial stage organizations, including Allergan, Astellas, Cubist, GlaxoSmithKline, Mallinckrodt, the Medicines Company, Pacira and Sanofi, among several others.
Inducement Equity Awards
In connection with the hiring of these personnel, the Compensation Committee of Recro Pharma’s Board of Directors approved inducement grants of stock options to purchase an aggregate of 55,000 shares of Recro Pharma’s common stock and restricted stock units covering 2,500 shares of Recro Pharma’s common stock. The equity awards were granted pursuant to the NASDAQ Rule 5635(c)(4) inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Recro Pharma. The option awards and restricted stock units were granted on March 29, 2018 and the option awards will have an exercise price equal to the closing price of Recro Pharma's common stock on March 29, 2018. The options have a ten-year term and vest in equal monthly installments over four years. The restricted stock units vest annually over four years. The equity awards are subject to each individual’s continued service with Recro Pharma through the applicable vesting dates.
About Recro Pharma, Inc.
Recro Pharma is a specialty pharmaceutical company that operates through two business divisions, an Acute Care, hospital product division and a revenue-generating contract development and manufacturing, or CDMO division, located in Gainesville, GA. The Acute Care division is primarily focused on developing innovative products for hospital and other acute care settings. The Company’s lead product candidate is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor. IV meloxicam has successfully completed two pivotal Phase III clinical efficacy trials, a large double-blind placebo-controlled Phase III safety trial, four Phase II clinical efficacy trials, as well as other safety studies. In 2017, Recro submitted the NDA for IV meloxicam to the FDA for review, it was accepted by the FDA and there is a late May 2018 PDUFA date. As injectable meloxicam is in the non-opioid class of drugs, the Company believes it will overcome many of the issues associated with commonly prescribed opioid therapeutics, including respiratory depression, constipation, excessive nausea and vomiting, as well as having no addictive potential while maintaining meaningful analgesic effects for relief of pain. The Company’s CDMO division leverages its formulation expertise to develop and manufacture pharmaceutical products using its proprietary delivery technologies and other manufacturing services for commercial partners who commercialize or plan to commercialize these products. These collaborations can result in revenue streams including royalties, profit sharing, research and development and manufacturing fees, which support continued operations for its CDMO division and it contributes non-dilutive funding for the development and pre-commercialization activities of its Acute Care division.
